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FRS 102 LIMITED

Example Financial Statements

For the year ended 31 December 2015

© 2014 Grant Thornton UK LLP. All rights reserved

Introduction These illustrative financial statements are an example of a group and parent company financial statements prepared for the first time in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Their preparation involved striking a balance between helpful guidance and burdensome detail. The disclosures illustrated, therefore, do not include all possible disclosures as this would clearly make any guidance too unwieldy to be of wide, practical use. For this reason they should not be used as a substitute for completing a disclosure checklist. Whilst every care has been taken in their preparation, users are advised to use these financial statements as a guide in conjunction with the actual text of the standard and implementation guidance issued, together with relevant legislation, and to consult their professional advisers before concluding on accounting treatments and disclosures for their own transactions and circumstances. To assist the user further, disclosure requirements introduced by FRS 102 or areas of difference in comparison to existing UK GAAP have been highlighted. Furthermore, two appendices have been included to illustrate a:

Statement of Comprehensive Income presented as one statement instead of two (as permitted by FRS 102.5.2(a))

Statement of Income and Retained Earnings (as permitted by FRS 102.6.4 in certain circumstances). In addition, source references for the illustrative disclosures have been included in the right hand margin of the financial statements. Examples of source references used are:

4.14 Paragraph 4.14 of FRS 102 s408 Section 408 of the Companies Act 2006 Sch 1.66(1) Paragraph 66(1) of Schedule 1 to Statutory Instrument 2008,

Number 410 The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008

Conversion report page 13 Grant Thornton guidance 'Key Issues on Conversion to FRS 102' page 13

FRC Guidance FRC guidance on Going Concern and Liquidity Risk for Directors of UK Companies 2009

SI 2008/489 The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements) Regulations 2008

Tech 14/13 ICAEW Guidance: Disclosure of auditor remuneration

FRS 102 LIMITED

CONSOLIDATED INCOME STATEMENT


© 2014 Grant Thornton UK LLP. All rights reserved 1

Note 2015 2014

£'000 £'000

Turnover 5 xxxx xxxx 5.7C

Cost of sales xxxx xxxx

Gross profit xxxx xxxx

Administrative expenses xxxx xxxx

Other operating income xxxx xxxx

Operating profit xxxx xxxx 5.9B

Share of operating profits of associates xxxx xxxx 14.14

xxxx xxxx

Interest receivable and similar income xxxx xxxx 11.48(b)

23.30(b)(iii)

Interest payable and similar charges xxxx xxxx 11.48(b)

Sch 1.66(1)

Profit on ordinary activities before taxation 6 xxxx xxxx

Tax on profit on ordinary activities 8 xxxx xxxx

Profit for the financial year xxxx xxxx

Profit for the financial year attributable to: 5.6(a)

Owners of the parent xxxx xxxx

Non-controlling interests xxxx xxxx Sch 6.17(3)

9.21

* The Balance Sheet and Profit and Loss Account are still required to be presented in accordance with the Companies Act formats. The titles of these primary statements could be changed to the FRS 102 titles, ie Statement of Financial Position and Income Statement, or continue to use the Companies Act format titles, ie Balance Sheet and Profit and Loss Account. * A company may present a separate Income Statement and Statement of Comprehensive Income (see page 2), or combine the two into a single Statement of Comprehensive Income (see appendix for illustration of one-statement approach).

[Refer to conversion report page 13&14]

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME



2015 2014 £'000 £'000

Profit for the financial year xxxx xxxx Currency translation differences on foreign currency net investments xxxx xxxx

5.5A 30.25(b)

Share of other comprehensive income of associates xxxx xxxx

Total comprehensive income for the financial year xxxx xxxx

Total comprehensive income for the financial year attributable to: 5.6(b)

Owners of the parent xxxx xxxx Non-controlling interests xxxx xxxx

* The Statement of Comprehensive Income is essentially equivalent to the Statement of Total Recognised Gains and Losses ('STRGL') under current UK GAAP. However, the STRGL only presents the parent company's share of profits and other gains and losses, whereas a the Statement of Comprehensive Income includes the non-controlling interests share of profit and other gains and losses. * Disclosure of the allocation of profits and total comprehensive income between owners of the parent and any non-controlling interests is required. [Refer to conversion report page 13&14]

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2015


Note 2015 2014

£'000 £'000

Fixed assets

Intangible assets 10 xxxx xxxx

Tangible assets 11 xxxx xxxx

Investments 12 xxxx xxxx

xxxx xxxx

Current assets

Stocks 13 xxxx xxxx

Debtors 14 xxxx xxxx

Cash at bank and in hand xxxx xxxx

xxxx xxxx

Creditors: amounts falling due within one year 15 xxxx xxxx

Net current assets xxxx xxxx

Total assets less current liabilities xxxx xxxx

Creditors: amounts falling due after more than one year 16 xxxx xxxx

Provisions for liabilities 17 xxxx xxxx

Net assets xxxx xxxx

Capital and reserves

Called up share capital 19 xxxx xxxx

Share premium account 20 xxxx xxxx

Foreign exchange translation reserve 20 xxxx xxxx

Profit and loss account 20 xxxx xxxx

xxxx xxxx

Non-controlling interests xxxx xxxx

xxxx xxxx

The financial statements were approved by the Board of Directors on 2016. Signed on behalf of the board of directors: Chairman Company registration no: XXXXXX

* FRS 102 has adopted a variety of terminology from IFRS (such as property, plant & equipment for tangible assets, inventory for stocks, and current liabilities for creditors: amounts falling due within one year). UK companies will still need to comply with company law, which stipulates the format of, and headings to be used in, the Balance Sheet and Profit and Loss Account.

[Refer to conversion report page 13]

FRS 102 LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

As at 31 December 2015


Note 2015 2014

£'000 £'000

Fixed assets

Tangible assets 11 xxxx xxxx

Investments 12 xxxx xxxx

xxxx xxxx

Current assets

Stocks 13 xxxx xxxx

Debtors 14 xxxx xxxx

Cash at bank and in hand xxxx xxxx

xxxx xxxx

Creditors: amounts falling due within one year 15 xxxx xxxx

Net current assets xxxx xxxx

Total assets less current liabilities xxxx xxxx

Provisions for liabilities 17 xxxx xxxx

Net assets xxxx xxxx

Capital and reserves

Called up share capital 19 xxxx xxxx

Share premium account 20 xxxx xxxx

Profit and loss account 20 xxxx xxxx

xxxx xxxx

The financial statements were approved by the Board of Directors on 2016. Signed on behalf of the board of directors:

Chairman Company registration no: XXXXXX

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

For year ended 31 December 2015


2015 2014 £'000 £'000 Cash flows from operating activities 7.4

Profit for the financial year xxxx xxxx Adjustments for: 7.8

Amortisation of intangible assets xxxx xxxx Depreciation of tangible assets xxxx xxxx Interest paid xxxx xxxx Interest received xxxx xxxx Taxation xxxx xxxx Decrease/(increase) in trade and other debtors xxxx xxxx Decrease/(increase) in stocks xxxx xxxx

Increase/(decrease) in trade creditors xxxx xxxx

Cash from operations xxxx xxxx Income taxes paid xxxx xxxx

Net cash generated from operating activities xxxx xxxx Cash flows from investing activities 7.5

Proceeds from sale of tangible assets xxxx xxxx Purchases of tangible assets xxxx xxxx Purchases of intangible assets xxxx xxxx

Interest received xxxx xxxx 7.15

Net cash from investing activities xxxx xxxx Cash flows from financing activities 7.6

Issue of ordinary share capital xxxx xxxx Repayment of bank loans xxxx xxxx Repayment of finance lease obligations xxxx xxxx Interest paid xxxx xxxx 7.15

Dividends paid xxxx xxxx 7.16

Net cash used in financing activities xxxx xxxx Net increase in cash and cash equivalents xxxx xxxx Foreign exchange translation adjustment xxxx xxxx 7.13

Cash and cash equivalents at the beginning of year xxxx xxxx

Cash and cash equivalents at end of year xxxx xxxx

* Cash flows are presented under just three headings (operating, investing and financing), rather than the potential nine available under current UK GAAP. * Components of cash and cash equivalents to be disclosed and reconciled to the Statement of Financial Position. However, this is not required if the amount of cash and cash equivalents is identical to the amount similarly described in the Statement of Financial Position.

[Refer to conversion report page 16&17]

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



Called-up share capital

Share premium account

Foreign exchange translation

reserve

Profit and loss

account

Amount attributable to owners of the parent

Non-controlling

interests

Total

£ '000 £ '000 £ '000 £ '000 £ '000 £ '000 £ '000

At 1 January 2014

xxxx xxxx xxxx xxxx xxxx xxxx xxxx

Profit for the year

- - - xxxx xxxx xxxx xxxx

Other comprehensive income

- - xxxx xxxx xxxx xxxx xxxx

Foreign exchange translation difference

- - xxxx - xxxx xxxx xxxx

Share of other comprehensive income of associates

- - - xxxx xxxx - xxxx

Total comprehensive income for the year

- - xxxx xxxx xxxx xxxx xxxx

Issue of shares xxxx xxxx - - xxxx - xxxx

Dividends paid - - - xxxx xxxx - xxxx

At 31 December 2014


Profit for the year

- - - xxxx xxxx xxxx xxxx 6.3(c)(i)

Other comprehensive income

- - xxxx xxxx xxxx xxxx xxxx 6.3(c)(ii)

Foreign exchange translation difference

- - xxxx - xxxx xxxx xxxx 6.3A

Share of other comprehensive income of associates

- - - xxxx xxxx - xxxx

Total comprehensive income for the year

- - xxxx xxxx xxxx xxxx xxxx 6.3(a)

Issue of shares xxxx xxxx - - xxxx - xxxx 6.3(c)(iii)

Dividends paid - - - xxxx xxxx - xxxx

At 31 December 2015


FRS 102 LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

For year ended 31 December 2015


Called-up share

capital

Share premium account

Profit and loss account

Total

£ '000 £ '000 £ '000 £ '000

At 1 January 2014

xxxx xxxx xxxx xxxx

Profit and total comprehensive income for the year

-

- xxxx xxxx

Issue of shares xxxx xxxx - xxxx

Dividends paid - - xxxx -

At 31 December 2014

xxxx xxxx xxxx xxxx

Profit and total comprehensive income for the year

-

- xxxx xxxx

Issue of shares xxxx xxxx - xxxx

Dividends paid - - xxxx -

At 31 December 2015

xxxx xxxx xxxx xxxx

* A Statement of Changes in Equity is required, although a company is permitted to present a Statement of Income and Retained Earnings in place of a Statement of Comprehensive Income and a Statement of Changes in Equity if the only changes to its equity during the periods presented arise from profit or loss, payment of dividends and prior period adjustments (see appendix for illustration of the Statement of Income and Retained Earnings). * The Companies Act 2006 Section 408 exemption will still be available. This means that the Statement of Comprehensive Income (whether presented as one statement or two) is not required for the parent's individual accounts. However the exemption does not extend to the parent company's Statement of Changes in Equity, which will be required.


FRS 102 LIMITED

NOTES TO THE FINANCIAL STATEMENTS



1 Company information

[The legal form of the entity, its country of incorporation and the address of its

registered office (or principal place of business, if different from the registered office) is

required to be disclosed in the notes.]

3.24(a)

[Disclosure of an entity's principal activities and nature of operations is required (despite

no longer being a disclosure requirement in the directors' report following changes to

company law). If, however, an entity does disclose this information elsewhere in their

annual report, then it need not be repeated here. ]

3.24(b)

2 Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 – 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

3.3 8.2(a)

This is the first year in which the financial statements have been prepared under FRS 102. Refer to note 26 for an explanation of the transition.

The financial statements are presented in Sterling (£). 3.23(d)

30.26

The group financial statements consolidate the financial statements of FRS 102 Limited and all its subsidiary undertakings drawn up to 31 December each year.

3.23(b) 9.23(a)

The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's profit for the year was £xxxx (2014: £xxxx).

s408

The individual accounts of FRS 102 Limited have also adopted the following disclosure exemptions: - the requirement to present a statement of cash flows and related notes - financial instrument disclosures, including:

categories of financial instruments,

items of income, expenses, gains or losses relating to financial instruments, and

exposure to and management of financial risks.

1.11(c)(i)

Going concern After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

3.8&9 FRC Guidance

FRS 102 LIMITED




3 Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgments and estimates have been made include: [An entity shall disclose the judgements, apart from those involving estimations, that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.] [An entity shall disclose in the notes information about the key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. In respect of those assets and liabilities, the notes shall include details of: (a) their nature; and

(b) their carrying amount as at the end of the reporting period.]

8.6

8.7

4 Principal accounting policies

4.1 Business combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquiree plus costs directly attributable to the business combination. Any excess of the cost of the business combination over the acquirer's interest in the net fair value of the identifiable assets and liabilities is recognised as goodwill. If the net fair value of the identifiable assets and liabilities exceeds the cost of the business combination the excess is recognised separately on the face of the consolidated statement of financial position immediately below goodwill.

4.2 Investment in subsidiaries The consolidated financial statements incorporate the financial statements of the company and entities (including special purpose entities) controlled by the group (its subsidiaries). Control is achieved where the group has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The results of subsidiaries acquired or disposed of during the year are included in total comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate using accounting policies consistent with those of the parent. All intra-group transactions, balances, income and expenses are eliminated in full on consolidation. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements.

9.27(b)

FRS 102 LIMITED




4.3 Investments in associates Investments in associates are recognised initially in the consolidated statement of financial position at the transaction price and subsequently adjusted to reflect the group's share of total comprehensive income and equity of the associate, less any impairment. Any excess of the cost of acquisition over the group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognised at the date of acquisition, although treated as goodwill, is presented as part of the investment in the associate. Amortisation is charged so as to allocate the cost of goodwill over its estimated useful life, using the straight-line method. Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate. Investments in associates are accounted for at cost less impairment in the individual financial statements.

14.12(a) 9.27(b)

4.4 Intangible assets Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses. Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated: - The technical feasibility of completing the software so that it will be available for

use or sale. - The intention to complete the software and use or sell it. - The ability to use the software or to sell it. - How the software will generate probable future economic benefits. - The availability of adequate technical, financial and other resources to complete the

development and to use or sell the software. - The ability to measure reliably the expenditure attributable to the software during

its development. Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives: - Software development costs 5 years - Goodwill 10 years If there is an indication that there has been a significant change in amortisation rate or residual value of an asset, the amortisation of that asset is revised prospectively to reflect the new expectations. If the net fair value of the identifiable assets and liabilities acquired exceeds the cost of a business combination, the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered. Any excess exceeding the fair value of non-monetary assets acquired is recognised in profit or loss in the periods expected to be benefitted.

18.27(a)&(b)

FRS 102 LIMITED




4.5 Tangible assets Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets, other than freehold land, over their expected useful lives, using the straight-line method. The rates applicable are: - Freehold buildings 45 years - Plant and machinery 8 years - Computer hardware 5 years - Furniture and equipment 10 years - Motor vehicles 4 years

17.31(a)-(c)

4.6 Impairment of assets At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

4.7 Investments Investments comprise investments in unquoted equity instruments which are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.*

11.40&43

4.8 Stocks Stock are stated at the lower of cost, using the first in first out method, and selling price less costs to complete and sell.

13.22(a)

4.9 Debtors Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

11.40

* Investments in shares (other than shares of a subsidiary, associate or joint venture) are required to be carried at fair value through profit or loss, provided that they are publicly traded, or fair value can be measured reliably, for example by using a valuation technique. Where fair value cannot be measured reliably, then the investment is carried at cost less impairment. However, given that a valuation model of some sort can very often be applied, FRS 102 would appear to allow little scope for this method.


FRS 102 LIMITED




4.10 Creditors Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

11.40

4.11 Leases Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases. Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term, unless the rental payments are structured to increase in line with expected general inflation, in which case the group recognises annual rent expense equal to amounts owed to the lessor.* The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.*

20.15(b) 20.15A

* Under previous UK GAAP, lease incentives were spread over the period until a market rental applies. This is usually the date of the first rent review, and thus shorter than the lease term. There is a transitional relief available for lease incentives, such that where a lease commenced before date of transition, the remaining benefit of the lease incentive may continue to be recognised in accordance with previous UK GAAP. * Where a lease includes pre-set increases in the rent payable to reflect expected inflation, then the annual expense is recognised in line with this stepped schedule (rather than spreading the total cost over the period of the lease, as under previous UK GAAP).


FRS 102 LIMITED




4.12 Derivative financial instruments Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.*

11.40&43

4.13 Provisions for liabilities Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

The group recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.*

28.6

* Non-basic financial instruments include all derivatives, such as: forwards, swaps, caps or collars. All are recognised on the balance sheet and measured at fair value through profit or loss. This means that at each period end the instrument is re-valued to fair value, with the movement posted to the Income Statement (unless hedge accounting is applied).


* Under FRS 102 an accrual for holiday pay is specifically required. The impact of this is likely to be most significant when the company's holiday year is not the same as its financial year, and/or employees are entitled to carry forward holiday balances to future years.


FRS 102 LIMITED




4.14 Taxation Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that that have been enacted or substantively enacted by the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. Deferred tax is recognised when income or expenses from a subsidiary or associate have been recognised, and will be assessed for tax in a future period, except where: - the group is able to control the reversal of the timing difference; and - it is probable that the timing difference will not reverse in the foreseeable future. A deferred tax liability or asset is recognised for the additional tax that will be paid or avoided in respect of assets and liabilities that are recognised in a business combination. The amount attributed to goodwill is adjusted by the amount of deferred tax recognised. Deferred tax is calculated using the tax rates and laws that that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. Deferred tax assets and deferred tax liabilities are offset only if: - the group has a legally enforceable right to set off current tax assets against current

tax liabilities, and - the deferred tax assets and deferred tax liabilities relate to income taxes levied by

the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

4.15 Turnover [This policy should be made explicit and specific to the group's / company's circumstances in line with its business. The revenue recognition policy should be amplified where the nature of transactions requires such amplification. The key principle is that the reader should understand how revenue is earned, measured and recognised in the group's/company's particular circumstances.] Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and form the rendering of services.

23.30(a)

FRS 102 LIMITED




4.15 Turnover (continued) Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

23.30(a)

Rendering of services Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

23.30(a)

4.16 Employee benefits Short-term employee benefits and contributions to defined contribution plans are recognised as an expense in the period in which they are incurred.

4.17 Foreign currency translation Functional currency and presentation currency The individual financial statements of each group entity are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position are presented in Sterling (£).

30.26 Sch 1.70

Transactions and balances In preparing the financial statements of the individual entities, transactions in currencies other than the functional currency of the individual entities (foreign currencies) are recognised at the spot rate at the dates of the transactions, or at an average rate where this rate approximates the actual rate at the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in profit or loss in the period in which they arise. However, in the consolidated financial statements exchange differences arising on monetary items that form part of the net investment in a foreign operation are recognised in other comprehensive income and are not reclassified to profit or loss.

Translation of group companies For the purpose of presenting consolidated financial statements, the assets and liabilities of the group's foreign operations are translated from their functional currency to Sterling (£) using the closing exchange rate. Income and expenses are translated using the average rate for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising on the translation of group companies are recognised in other comprehensive income and are not reclassified to profit or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

FRS 102 LIMITED




5 Turnover

. Turnover, analysed geographically between markets, was as follows:

2015 2014 Sch 1.68(2)

£'000 £'000 Europe xxxx xxxx Rest of the World xxxx xxxx

xxxx xxxx

Turnover, analysed by category, was as follows:

2015 2014 23.30(b)

Sch 1.68(1) £'000 £'000 Sales of goods xxxx xxxx Rendering of services xxxx xxxx

xxxx xxxx

6 Profit on ordinary activities before taxation

The profit on ordinary activities before taxation is stated after:

2015 2014

£'000 £'000

Auditor's remuneration: SI 2008/489 Tech 14/13

Fees payable to the company's auditor for the audit of the company's annual accounts xxxx xxxx Fees payable to the company's auditor and its associates for other services: xxxx xxxx Audit of the accounts of subsidiaries xxxx xxxx Tax compliance services xxxx xxxx Foreign exchange losses xxxx xxxx 30.25(a)

Other operating lease rentals xxxx xxxx 20.16(b)

Changes in fair value of investments xxxx xxxx

11.48(a) Sch 1.

55(2)(b)(i)

Changes in fair value of derivatives xxxx xxxx 11.48(a) Sch 1.55

Research and development expense xxxx xxxx 18.29

FRS 102 LIMITED




7 Directors and employees

Staff costs during the year were as follows:

2015 2014 s411 £'000 £'000 Wages and salaries xxxx xxxx Social security costs xxxx xxxx Other pension costs xxxx xxxx 28.40

xxxx xxxx

The company operates a stakeholder defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the year amount to £xxxx (2014: £xxxx).

28.40

The average number of employees of the group during the year was:

2015 2014 Number Number Sales and trading xxxx xxxx Processing and administration xxxx xxxx

xxxx xxxx

Remuneration in respect of directors was as follows:

2015 2014 Sch 5 £’000 £’000 Emoluments xxxx xxxx Pension contributions to money purchase pension schemes xxxx xxxx

xxxx xxxx

During the year x directors (2014: x) participated in money purchase pension schemes. Sch 5

The amounts set out above include remuneration in respect of the highest paid director as follows:

2015 2014 £'000 £'000 Emoluments xxxx xxxx Pension contributions to money purchase pension schemes xxxx xxxx

xxxx xxxx

FRS 102 LIMITED




8 Tax on profit on ordinary activities

The tax (credit)/charge is based on the profit for the year and represents:

2015 2014

£'000 £'000

29.26

Sch 1.67

UK Corporation Tax xxxx xxxx

Adjustments in respect of previous periods xxxx xxxx

Overseas taxation xxxx xxxx

Total current tax xxxx xxxx

Deferred taxation: origination and reversal of timing differences xxxx xxxx

Deferred taxation: changes in tax rates xxxx xxxx

Tax on results on ordinary activities xxxx xxxx

The tax assessed for the year is lower than the standard rate of corporation tax in the United Kingdom at xx% (2014: xx%). The differences are explained as follows:

29.27(b)

Profit on ordinary activities before tax xxxx xxxx

Profit on ordinary activities multiplied by standard rate of corporation tax in the United Kingdom of xx% (2014: xx%) xxxx xxxx

Expenses not deductible for tax purposes xxxx xxxx

Losses carried back xxxx xxxx

Difference in tax rates xxxx xxxx

Prior year adjustments xxxx xxxx

Overseas tax differences xxxx xxxx

Tax on results on ordinary activities* xxxx xxxx

* Note: Reconcile to total tax, ie including deferred tax

The aggregate current and deferred tax relating to items that are recognised as items of other comprehensive income is £xxxx (2014: £xxxx).

29.27(a)

During the year the UK corporation tax rate was decreased. Following Budget 20XX announcements, there will be a further reduction in the main rate of corporation tax to XX% from 1 April 20XX.

29.27(d)

9 Dividends

2015 2014 £'000 £'000 Sch 1.43

Paid during the year xxxx xxxx

Declared post year end xxxx xxxx

FRS 102 LIMITED




10 Intangible fixed assets

The group

Software development

costs

Goodwill Total 19.26 Sch 1.51

18.27(c)&(e)

£'000 £'000 £'000 Cost At 1 January 2015 xxxx xxxx xxxx Additions xxxx xxxx xxxx

Exchange adjustments xxxx xxxx xxxx

At 31 December 2015 xxxx xxxx xxxx

Depreciation and impairment At 1 January 2015 xxxx xxxx xxxx Charge for the year xxxx xxxx xxxx Impairment loss - xxxx xxxx 27.32(a)

Exchange adjustments xxxx xxxx xxxx


Net book amount at 31 December 2015 xxxx xxxx xxxx

Net book amount at 31 December 2014 xxxx xxxx xxxx

Amortisation of intangible fixed assets is included in administrative expenses. 18.27(d)

The group's telephone ordering system is included within software development costs and has a carrying value of £xxxx, and a remaining amortisation period of 2 years.

18.28(a)

An impairment loss on goodwill was recognised in administrative expenses during the period due to worse than expected economic performance of operations in France.

27.33A& 27.32(a)

FRS 102 LIMITED




11 Tangible fixed assets

The group

Computer hardware

Furniture and

equipment Motor

vehicles Freehold property

Plant and machinery Total

17.31 Sch 1.51

£'000 £'000 £'000 £'000 £'000 £'000 Cost At 1 January 2015 xxxx xxxx xxxx xxxx xxxx xxxx Additions xxxx xxxx xxxx xxxx xxxx xxxx Disposals xxxx xxxx xxxx xxxx xxxx xxxx Exchange adjustments xxxx xxxx xxxx xxxx xxxx xxxx

At 31 December 2015

xxxx xxxx xxxx xxxx xxxx xxxx

Depreciation At 1 January 2015 xxxx xxxx xxxx xxxx xxxx xxxx Provided in the year xxxx xxxx xxxx xxxx xxxx xxxx

Disposals xxxx xxxx xxxx xxxx xxxx xxxx Exchange adjustments xxxx xxxx xxxx xxxx xxxx xxxx

At 31 December 2015

xxxx xxxx xxxx xxxx xxxx xxxx

Net book amount at 31 December 2015 xxxx xxxx xxxx xxxx xxxx xxxx

Net book amount at 31 December 2014 xxxx xxxx xxxx xxxx xxxx xxxx

Included within freehold property is land of £xxxx (2014: £xxxx), which is not depreciated.

Tangible fixed assets with a carrying value of £xxxx (2014: £xxxx) are pledged as security for the group's bank loans.

17.32(a) Sch 1.63(1)

Plant and machinery with a carrying value of £xxxx (2014: £xxxx) and motor vehicles with a carrying value of £xxxx (2014: £xxxx) are held under finance leases.

20.13(a)

FRS 102 LIMITED




11 Tangible fixed assets (continued)

The company

Computer hardware

Furniture and

equipment Motor

vehicles Freehold property Total

17.31 Sch 1.51

£'000 £'000 £'000 £'000 £'000 Cost At 1 January 2015 xxxx xxxx xxxx xxxx xxxx Additions xxxx xxxx xxxx xxxx xxxx Disposals xxxx xxxx xxxx xxxx xxxx

At 31 December 2015 xxxx xxxx xxxx xxxx xxxx

Depreciation At 1 January 2015 xxxx xxxx xxxx xxxx xxxx Provided in the year xxxx xxxx xxxx xxxx xxxx Disposals xxxx xxxx xxxx xxxx xxxx

At 31 December 2015 xxxx xxxx xxxx xxxx xxxx

Net book amount at 31 December 2015 xxxx xxxx xxxx xxxx xxxx

Net book amount at 31 December 2014 xxxx xxxx xxxx xxxx xxxx

Included within freehold property is land of £xxxx (2014: £xxxx), which is not depreciated.

Tangible fixed assets with a carrying value of £xxxx (2014: £xxxx) are pledged as security for the group's bank loans.

17.32(a) Sch 1.63(1)

FRS 102 LIMITED




12 Investments

Total fixed asset investments comprise:

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 Interests in subsidiaries - - xxxx xxxx Interests in associates xxxx xxxx xxxx xxxx Other fixed asset investments xxxx xxxx xxxx xxxx

xxxx xxxx xxxx xxxx

Interests in subsidiaries

At 2015 the group and the company had interests in the following subsidiaries:

Subsidiaries Type of

shares held Proportion

held (%) Country of

incorporation Nature of business

Sch 4.1 & 4.17

Brighton Limited Ordinary 80% United

Kingdom Retail

Normandy Ltd Ordinary 100% France Distribution

The company

Investment in

subsidiaries

Sch 1.51

£'000 Cost At 1 January 2015 xxxx

Additions in the year xxxx

At 31 December 2015 xxxx

Accumulated impairment At 1 January 2015 xxxx

Impairment loss xxxx


Net book amount at 31 December 2015 xxxx

Net book amount at 31 December 2014 xxxx

FRS 102 LIMITED




12 Investments (continued)

Interests in associates

At 2015 the group and the company had interests in the following associates:

Associates Type of

shares held Proportion

held (%) Country of

incorporation Sch 4.19

Munich AG Ordinary 25% Germany

Three Lions Limited Ordinary 30% United

Kingdom

The group

Share of

net assets Loans Total

£'000 £'000 £'000 At 1 January 2015 xxxx xxxx xxxx Share of profit for the year after taxation xxxx - xxxx 14.14

Share of other comprehensive income xxxx - xxxx

At 31 December 2015 xxxx xxxx xxxx 14.12(b)

The company

Investment in equity

shares Loans Total

£'000 £'000 £'000

At 1 January 2015 and 31 December 2015 xxxx xxxx xxxx 14.12(b)

Munich AG is quoted on the Frankfurt Stock exchange and has a fair value of £xxxx (2014: £xxxx) based on the published share price as at the reporting date.

14.12(c)

Other fixed asset investments

The group and company

Unquoted

investments

Sch 1.51

£'000 Valuation At 1 January 2015 xxxx Change in value during the year xxxx


FRS 102 LIMITED




13 Stocks

The group The company 13.22(b)

2015 2014 2015 2014 £’000 £’000 £'000 £'000 Raw materials xxxx xxxx xxxx xxxx Finished goods xxxx xxxx xxxx xxxx

xxxx xxxx xxxx xxxx

Stock recognised in cost of sales during the year as an expense was £xxxx (2014: £xxxx). 13.22(c)

An impairment loss of £xxxx (2014: £xxxx) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.

13.22(d) 27.33(a)

The total carrying amount of stock is pledged as security for the group's bank loans. 13.22(e)

14 Debtors

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 Trade debtors xxxx xxxx xxxx xxxx Amounts owed by subsidiary undertaking - - xxxx xxxx Amounts owed by associated undertakings xxxx xxxx xxxx xxxx Corporation tax xxxx xxxx xxxx xxxx Derivatives xxxx xxxx xxxx xxxx Prepayments and accrued income xxxx xxxx xxxx xxxx

xxxx xxxx xxxx xxxx

An impairment loss of £xxxx (2014: £xxxx) was recognised against trade debtors. 11.48(c)

15 Creditors: amounts falling due within one year

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 Bank overdrafts xxxx xxxx xxxx xxxx Bank loans xxxx xxxx xxxx xxxx Finance lease obligations xxxx xxxx xxxx xxxx Trade creditors xxxx xxxx xxxx xxxx Amounts owed to subsidiary undertakings - - xxxx xxxx Amounts owed to associated undertakings xxxx xxxx xxxx xxxx Taxation and social security xxxx xxxx xxxx xxxx Corporation tax xxxx xxxx xxxx xxxx Other creditors xxxx xxxx xxxx xxxx Accruals xxxx xxxx xxxx xxxx

xxxx xxxx xxxx xxxx

FRS 102 LIMITED




16 Creditors: amounts falling due after more than one year

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 Finance lease obligations xxxx xxxx - - Bank loans xxxx xxxx - -

xxxx xxxx - -

Bank loans are repayable as follows:

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 Within one year xxxx xxxx xxxx xxxx Between one to two years xxxx xxxx - - Between two to five years xxxx xxxx - - More than five years xxxx xxxx - - Sch 1.61

xxxx xxxx xxxx xxxx

The bank loans and overdrafts are secured against assets of the group and company. The group has a loan with 1st Paris Bank of £xxxx (2014: £xxxx). The loan is repayable over the period until xxxx. The interest rate on the loan is EURIBOR + XX%.

11.42 Sch 1.61

17 Provisions for liabilities

The group

Deferred taxation (note 18)

Leave pay Total

£'000 £'000 £'000

21.14(a) 29.23

Sch 1.60

At 1 January 2015 xxxx xxxx xxxx Additions - xxxx xxxx Utilised - xxxx xxxx Reversals - xxxx xxxx Origination and reversal of timing differences xxxx - xxxx 29.26(c)

Changes in tax rates xxxx - xxxx 29.26(d)


FRS 102 LIMITED




17 Provisions for liabilities (continued)

The company

Deferred taxation (note 18)

Leave pay Total

£'000 £'000 £'000 21.14(a)

At 1 January 2015 xxxx xxxx xxxx Additions - xxxx xxxx Utilised - xxxx xxxx Reversals - xxxx xxxx Origination and reversal of timing differences xxxx - xxxx 29.26(c)

Changes in tax rates xxxx - xxxx 29.26(d)


The leave pay provision represents holiday balances accrued as a result of services rendered in the current period and which employees are entitled to carry forward. The provision is measured as the salary cost payable for the period of absence.

21.14(b)

18 Deferred taxation

Deferred taxation provided for at xx% (2014: xx%) in the financial statements is set out below:

The group The company 2015 2014 2015 2014 £'000 £'000 £'000 £'000 29.27(e)

Accelerated capital allowance xxxx xxxx xxxx xxxx Derivative contracts xxxx xxxx xxxx xxxx

xxxx xxxx xxxx xxxx

The amount of the net reversal of deferred tax expected to occur next year is £xxxx (2014: £xxxx), relating to the reversal of existing timing differences on tangible fixed assets and derivative contracts and the origination of new timing differences on intangible fixed assets.

29.27(c)

FRS 102 LIMITED




19 Called up share capital

2015 2014 £'000 £'000

Authorised, allotted and fully paid:

4.12(a) Sch 1.47(1)

xxxx founders' shares of £x each xxxx xxxx xxxx ordinary shares of £x each xxxx xxxx

xxxx xxxx

Founder shares rank pari passu to ordinary shares except for voting rights. Every founder share carried one voting right compared to one vote per one hundred ordinary shares.

4.12(a)(v)

Ordinary shares 2015 Number

At 1 January 2015 xxxx 4.12(a)(iv)

Share issue xxxx


Consideration received for the allotment of ordinary shares during the year was £xxxx. Sch 1.48(b)

20 Reserves

Called-up share capital – represents the nominal value of shares that have been issued. Share premium account – includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Foreign exchange translation reserve – comprises translation differences arising from the translation of financial statements of the Group’s foreign entities into Sterling (£). Profit and loss account – includes all current and prior period retained profits and losses.

4.12(b)

21 Capital commitments

The group had capital commitments for plant and machinery of £xxxx (2014: £xxxx). 17.32(b)

Sch 1.63(3)

FRS 102 LIMITED




22 Leasing commitments

The group's future minimum operating lease payments are as follows:

2015 2014 £'000 £'000 20.16(a)

Within one year xxxx xxxx Between one and five years xxxx xxxx

The group's future minimum finance lease payments are as follows:

2015 2014 £'000 £'000 20.13(b)


The company's future minimum finance lease payments are as follows:

2015 2014 £'000 £'000 20.13(b)


Certain plant and machinery and motor vehicles are held under finance lease arrangements. Finance lease liabilities are secured by the related assets held under finance leases (see note 11). The lease agreements generally include fixed lease payments and a purchase option at the end of the lease term.

20.13(c)

FRS 102 LIMITED




23 Transactions with related parties

2015 2014 33.9

Sch 1.72

£'000 £'000 Sales to subsidiary - Brighton Limited* xxxx xxxx Sales to associates xxxx xxxx Purchases from associates xxxx xxxx Interest received on loans to associates xxxx xxxx Loans due from associated undertakings xxxx xxxx Trade debtor amounts due from associates xxxx xxxx Trade creditors amounts due to associates xxxx xxxx Key management personnel compensation xxxx xxxx 33.7

Dividends paid to directors xxxx xxxx

* Note: The exemption from disclosure of transactions with subsidiaries is only available where the subsidiary which is party to the transaction is wholly-owned.

Loans to associates are unsecured and at a fixed interest rate of XX%. A provision of £xxxx (2014: £xxxx) has been recognised against these loans.

33.9(b)(i)&(c)

The company has provided a guarantee of £xxxx (2014: £xxxx) in respect of the bank loan of a subsidiary.

21.17A 33.9(b)(ii)

The company does not have a parent undertaking. The ultimate controlling party of the group is John Smith.

33.5 Sch 4.8&9

FRS 102 LIMITED




24 Financial risk management

The group has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the group is exposed to interest rate risk.

11.48A(f)

Foreign exchange transactional currency exposure The group is exposed to currency exchange rate risk due to a significant proportion of its receivables and operating expenses being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contracts, currency loans or overdrafts. The forward foreign exchange contracts all mature within 12 months. The group's subsidiary, Normandy Ltd, is exposed to currency exchange risk arising from non-Euro currencies, but as this is not significant no active management of this risk is undertaken.

Liquidity risk The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The group expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the group has credit facilities available. Given the maturity of the bank loan in note 16, the group is in position to meet its commitments and obligations as they come due.

Customer credit exposure The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.

Interest rate risk The group borrows from its bankers using either overdrafts or term loans whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.

25 Financial assets and liabilities

Group 2015 2014 £'000 £'000

Financial assets measured at fair value through profit or loss xxxx xxxx 11.41(a)

Financial assets measured at amortised cost xxxx xxxx 11.41(b)

Financial liabilities measured at amortised cost xxxx xxxx 11.41(e)

The fair value of unquoted investments is determined using an earnings multiple valuation model. Key assumptions used in the model includes the price earnings multiple used. This is determined by reference to the price earnings multiple of similar quoted companies.

11.43 Sch

1.55(2)(a)

The foreign currency forward contracts are not traded in active markets. These have been fair valued using observable forward exchange rates and interest rates corresponding to the maturity of the contract.

11.43 Sch

1.55(2)(a)

FRS 102 LIMITED




26 Transition to FRS 102

The company has adopted FRS 102 for the year ended 2015 and has restated the comparative prior year amounts.

35.12

Explanations Corrections of prior period errors 1. Stocks are now measured using the first in first out method, rather than using

a last in first out method.

2. Investments in associates are now valued at original cost based on the original exchange rates. Previously they were revalued at closing exchange rates with the gain or loss in the value of the investment being recognised in profit or loss and added to the carrying value of the investment.

35.14

Changes for FRS 102 adoption 3. Foreign exchange forward contracts are now recognised at fair value at the

end of the year with changes in fair value recognised in profit or loss. Previously foreign exchange contracts were not recognised in the statement of financial position.

4. The group now uses average exchange rates to translate income and expenses

of the group's foreign operations. Previously, the group used the closing exchange rate.

35.13(a)

Transition to FRS 102 - reconciliations

Restated consolidated statement of financial position Explanation

31 December 2014

1 January 2014

35.13(b)

£’000 £'000 Original shareholders' funds xxxx xxxx Stock valuation adjustment 1 xxxx xxxx Deferred tax on stock adjustment xxxx xxxx Restatement of investment in associates 2 xxxx xxxx Financial instruments at fair value 3 xxxx xxxx Deferred tax on instruments at fair value xxxx xxxx Restated shareholders' funds

xxxx xxxx

Restated company statement of financial position Explanation

31 December 2014

1 January 2014

35.13(b)

£’000 £'000 Original shareholders' funds xxxx xxxx Stock valuation adjustment 1 xxxx xxxx Deferred tax on stock adjustment xxxx xxxx Restatement of investment in associates 2 xxxx xxxx Financial instruments at fair value 3 xxxx xxxx Deferred tax on instruments at fair value xxxx xxxx Restated shareholders' funds

xxxx xxxx

FRS 102 LIMITED




26 Transition to FRS 102 (continued)

Restated profit or loss for the year ended 31 December 2014 Explanations £'000

35.13(c)

Original profit on ordinary activities before tax xxxx Add stock provision 1 xxxx Remove the revaluation of investment in associates and subsidiary

2 xxxx

Add financial instruments at fair value 3 xxxx Amendment of principle of consolidation to average exchange rates

4 xxxx

xxxx

Original tax on ordinary activities xxxx Deferred tax on stock adjustment 1 xxxx Deferred tax on financial instruments at fair value 3 xxxx Amendment of principle of consolidation to average exchange rates - associate tax

4 xxxx

Restated tax on profit on ordinary activities xxxx

Restated profit for the financial year xxxx

APPENDIX

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (ONE STATEMENT)



Note 2015 2014 £'000 £'000 Turnover

Cost of sales

Gross profit Administrative expenses

Other operating income

Operating profit

Share of operating profits of associates

Interest receivable and similar income

Interest payable and similar charges

Profit on ordinary activities before taxation

Tax on profit on ordinary activities

Profit for the financial year Other comprehensive income Currency translation differences on foreign currency net investments Actuarial gains/losses Share of other comprehensive income of associates

Total comprehensive income for the financial year

Profit for the financial year attributable to: Owners of the parent Non-controlling interests Total comprehensive income for the financial year attributable to: Owners of the parent Non-controlling interests

APPENDIX

FRS 102 LIMITED

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS



Note 2015 2014 £'000 £'000 Turnover

Cost of sales

Gross profit Administrative expenses

Other operating income

Operating profit

Share of operating profits of associates

Interest receivable and similar income

Interest payable and similar charges

Profit on ordinary activities before taxation

Tax on profit on ordinary activities

Profit for the financial year Retained profits at 1 January Dividends paid

Retained profits at 31 December

* A company is permitted to present a Statement of Income and Retained Earnings in place of a Statement of Comprehensive Income and a Statement of Changes in Equity if the only changes to its equity during the periods presented arise from profit or loss, payment of dividends and prior period adjustments.


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